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What are compensated absences 1. Which of these is not included in an employer's payroll tax expense? a. F.I.C.A. (social security) taxes b. Federal unemployment taxes c. State unemployment taxes d. Federal income taxes 2. Which of the following is a condition for accruing a liability for the cost of compensation for future absences? a. The obligation relates to the rights that vest or accumulate. b. Payment of the compensation is p ...

Other / Other 04 Apr 2016

Information available prior to the issuance of the financial statements 1. Assume that a manufacturing corporation has (1) good quality control, (2) a one-year operating cycle, (3) a relatively stable pattern of annual sales, and (4) a continuing policy of guaranteeing new products against defects for three years that has resulted in material but rather stable warranty repair and replacement costs. Any liability for the warranty a. should ...

Other / Other 04 Apr 2016

Which of the following is true about accounts 1. Liabilities are a. any accounts having credit balances after closing entries are made. b. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. c. obligations to transfer ownership shares to other entities in the future. d. obligations arising from past transactions and payable in assets or services in the future. 2. Which of ...

Other / Other 04 Apr 2016

Companies report the amount of social security taxes True or false: 1. A short-term obligation can be excluded from current liabilities if the company intends to refinance it on a long-term basis and demonstrates the ability to consummate the refinancing. 2. Many companies do not segregate the sales tax collected and the amount of the sale at the time of the sale. 3. A company must accrue a liability for sick pay that accumulat ...

Other / Other 04 Apr 2016

What amount is the note payable recorded 1. Greeson Corp. signed a three-month, zero-interest-bearing note on November 1, 2014 for the purchase of $250,000 of inventory. The face value of the note was $253,900. Assuming Greeson used a “Discount on Note Payable” account to initially record the note and that the discount will be amortized equally over the 3-month period, the adjusting entry made at December 31, 2014 will include ...

Other / Other 04 Apr 2016

Moore Corporation follows a policy of a 10% depreciation charge Pr. 1—Asset acquisition. Ford Inc. plans to acquire an additional machine on January 1, 2010 to meet the growing demand for its product. Stever Company offers to provide the machine to Ford using either of the options listed below (each option gives Ford exactly the same machine and gives Stever Company approximately the same net present value cash equivalent at 10%). ...

Other / Other 04 Apr 2016

Danson Company, a company who uses iGAAP reporting 1. Under iGAAP, Sampson Company, who has a non-current asset which has been classified as held-for-sale, should a. test the asset's value monthly for impairment. b. value the asset at its depreciated historical cost. c. depreciate the asset over its remaining life. d. not depreciate the asset. 2. Miller Company, a company who uses iGAAP reporting standards, sells a non-current asse ...

Other / Other 04 Apr 2016

What are the major characteristics of plant assets 1. What are the major characteristics of plant assets? 2. What interest rates should be used in determining the amount of interest to be capitalized? How should the amount of interest to be capitalized be determined? Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help ...

Other / Other 04 Apr 2016

Jenks Co. incurred the following costs for one 1. Chase County owned an idle parcel of real estate consisting of land and a factory building. Chase gave title to this realty to Patton Co. as an incentive for Patton to establish manufacturing operations in the County. Patton paid nothing for this realty, which had a fair market value of $250,000 at the date of the grant. Patton should record this nonmonetary transaction as a a. memo entr ...

Other / Other 04 Apr 2016

Accounting recognition should be given to some or all of the gain realized P1. Ringler Corporation exchanges one plant asset for a similar plant asset and gives cash in the exchange. The exchange is not expected to cause a material change in the future cash flows for either entity. If a gain on the disposal of the old asset is indicated, the gain will a. be reported in the Other Revenues and Gains section of the income statement. b. e ...

Other / Other 04 Apr 2016